API Supports CRA Disappoval Resolution Of The Section 1504 Rule
On January 31, 2017, API President and CEO Jack Gerard sent this letter to House leaders Speaker Paul Ryan and Democratic Leader Nancy Pelosi. The American Petroleum Institute (API) strongly supports H.J.Res. 41, providing for congressional disapproval under the Congressional Review Act (CRA) of the Securities and Exchange Commission (SEC) rule relating to “Disclosure of Payments by Resource Extraction Issuers” (Section 1504 rule). API strongly supports transparency. Unfortunately, the Section 1504 rule fails to strike the right balance between its intended disclosure requirement purposes and protecting the competitiveness of U.S.-publicly listed companies, hurting American workers and investors.
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